A new $450 million investment by Stellar Steel Company Limited, a subsidiary of the Galaxy Group and RSIN Group based in Fuzhou, Fujian Province, China, is set to boost Nigeria’s industrial capacity as the company prepares to begin full steel production in Ogun State by mid-2026.
The ambitious project, which will manufacture hot-rolled coil steel, iron doors, and gas cylinders, is expected to drastically reduce Nigeria’s dependence on imported steel while creating jobs and stimulating economic growth in the state and beyond.
During a courtesy visit to Governor Dapo Abiodun at his office in Abeokuta, the Vice Chairman of RSIN Group, Mr. You Xiaotan, confirmed that construction was on track and progressing smoothly.
“Stellar Steel Company Limited is the biggest investment for our group in Nigeria. We are here to inform His Excellency that our project is going very smoothly. We have completed all levelling and foundation work, and everything is right on schedule. The total investment stands at $450 million, and we expect to finish the project and commence operations next year,” he said.
Mr. Xiaotan added that the company’s success has inspired other investors from Fujian Province to consider Ogun State as a preferred destination, citing the state’s fast-growing economy and investor-friendly environment.
Governor Abiodun, in his response, lauded the initiative and reaffirmed his administration’s unwavering commitment to supporting industrial investors through streamlined processes and business-friendly policies.
He recalled the state’s recent sister-state partnership with Shandong Province, China, which has opened new doors for economic and industrial collaboration.
“When investors like you come here, it validates all that we’ve done to attract global partnerships. Your presence translates into prosperity for our people through job creation and increased GDP. Ogun State remains Nigeria’s industrial capital, and we’ll continue to offer the necessary support and incentives to ensure your smooth operation,” the governor said.
Governor Abiodun also assured the company of his readiness to work with federal agencies, including the Ministry of Industry, Trade and Investment, to secure any waivers, tariffs, or operational reliefs necessary to fast-track the project.
The establishment of Stellar Steel Company Limited marks a major milestone in Ogun State’s industrial evolution, further reinforcing its position as Nigeria’s leading destination for manufacturing and large-scale investment.
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